In recent weeks, Cyngn —
- Executed its first paid DriveMod Forklift Deployment.
- Started deploying its next-gen 12,000 lb. DriveMod Tugger at customer facilities.
- Signed a commercial contract with a major automotive service equipment manufacturer.
- Expanded its dealer network, adding multiple sales channels that offer Motrec vehicles as well as other 3rd party system integrators.
- Secured its 20th and 21st US Patent.
- Announced DriveMod Tuggers capability to run missions outside.
MENLO PARK, Calif., Oct. 22, 2024 /PRNewswire/ -- Today, Cyngn Inc. (Nasdaq: CYN) shared several company milestones and key achievements, including significant commercial progress, the expansion of its dealer network, and recent patents. Together, these achievements are positioning the Company for growth.
CEO Commentary
"Cyngn has made significant progress this year, aligning with the growing demand for autonomous utility vehicles in the industrial sector. These solutions are designed to help enterprises address labor shortages, manage costs, and improve safety," said Lior Tal, CEO of Cyngn.
"Our primary focus is on intralogistics within manufacturing. Recently, we launched our first paid DriveMod Forklift deployment, began deploying the 12,000 lb. DriveMod Tugger at customer sites, and signed a commercial contract with a major automotive service equipment manufacturer. Additionally, we continue expanding our dealer network, and secured our 20th and 21st U.S. patents.
"The smart manufacturing market is predicted to grow from $223.6 billion to an impressive $985.5 billion by 2032. As AI continues to shape industrial operations, we are building momentum with DriveMod and are focused on addressing key challenges in the sector through our autonomous solutions."
Key Milestones and Achievements:
Notable Deployments and Customer Contracts.
Cyngn recently secured a commercial contract with a major automotive service equipment manufacturer. The company also executed its first paid deployment of the DriveMod Forklift, demonstrating real-world adoption of its technology. Additionally, Cyngn started deploying its next-gen 12,000 lb. DriveMod Tugger at customer sites, further expanding its footprint in industrial automation.
New Product Launches and Features.
The DriveMod Forklift and the next-generation 12,000 lb. DriveMod Tugger represent the latest additions to Cyngn's product lineup with the latter now able to complete outdoor missions. To streamline the production of DriveMod Tugger, Cyngn's OEM vehicle partner, Motrec, started building the DriveMod Tugger.
Technological Innovation.
Cyngn's commitment to technological advancement is evident in its recent securing of the 20th and 21st U.S. patents. These patents underscore the company's focus on enhancing its autonomous capabilities and solidify its standing as an innovator in the smart manufacturing sector. They also announced advancements in their Proprietary computer vision, thanks to NVIDIA Accelerated Computing.
About Cyngn
Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn's self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce.
Cyngn's DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments.
Cyngn's flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling).
Find Cyngn on:
Investor Contact:
Don Alvarez, CFO
investors@cyngn.com
Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com
Forward-looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the Securities and Exchange Commission (the "SEC"), including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 7, 2024. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Cyngn is not responsible for the contents of third-party websites.
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